IGM Financial Gets a Hold Rating from RBC Capital

IGM Financial (TSX: IGM), the Financial sector company was revisited on April 20, yet the Wall Street analyst remains currently on the sidelines. On April 20, analyst Darko Mihelic gave a Hold rating to IGM and set a C$41 price target.

According to TipRanks.com, Mihelic is a 4-star analyst with an average return of 7.1% and a 65.9% success rate. Mihelic covers the Financial sector, focusing on stocks such as Manulife Financial Corp, Goldman Sachs Group Inc, and Toronto Dominion Bank.

Currently, the analyst consensus on IGM Financial is Hold and the average price target is C$41.67, representing a 5.1% upside.

In a report issued on April 18, Scotiabank also maintained a Hold rating on the stock with a C$38 price target.

Based on IGM Financial’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$736 million and quarterly net profit of C$169 million. In comparison, last year the company earned revenue of C$794 million and had a net profit of C$203 million.

IGM Financial, Inc. engages in the management and distribution of mutual funds and other managed asset products. It operates through the following segments: Investors Group, Mackenzie, and Corporate and Other. The Investors Group segment provides financial advisory services for investments, retirement, mortgage, estate planning, tax planning, and insurance. The Mackenzi segment offers funds products, private wealth solutions, managed assets, group plans, tax and estate planning, payout service, and dollar cost averaging. The Corporate and Other segment includes net investment income that are not allocated to other segments, proportionate share of earnings of Great-West Lifeco Inc., operating results for Investment Planning Counsel Inc., and consolidation elimination entries. The company was founded on August 3, 1978 and is headquartered in Winnipeg, Canada.